Bill > S09203

This bill amends the Retirement and Social Security Law to remove the twenty-five year service requirement for "tier three escalation" for service retirement benefits for uniformed members of the New York City Fire Department Pension Fund, allowing them to become eligible for full escalation benefits after twenty years of service instead of twenty-five. Escalation is a benefit that adjusts retirement allowances annually based on the Consumer Price Index (CPI) to help maintain purchasing power, with yearly increases capped at 3% but banked for future use if the CPI increase is higher. This change is expected to increase employer contributions to the pension fund, with the fiscal note detailing projected costs and the impact on the fund's actuarial present values and unfunded accrued liability.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S9203